CBN To Sanction Banks Hoarding New Naira Notes

The Central Bank of Nigeria, CBN says it will sanction any commercial bank found hoarding the new naira notes.

The Apex bank said it had produced enough f the new naira notes for distribution to all the commercial banks across the country.

The CBN Kano Branch Controller, Alhaji Umar Biu, made the remark on Thursday, during a sensitisation on the new Naira notes, organised for traders in the State.

He said the traders had the right to report any bank found either hoarding the new notes or charging customers before depositing their old Naira notes.

“You have the right to report any bank found hoarding the new Naira notes or refusing to collect your old Naira notes before the 31st January 2023 deadline.

“No bank should refuse to collect the old naira notes until the deadline of 31st January, 2023,” the branch controller said.

According to him, the apex bank has also directed commercial banks to desist from payment on the counter as part of efforts to check favouritism of customers.

He maintained that there was no going back on the 31st January 2023 deadline, that all the old notes would cease to be a legal tender on that date.

The CBN branch controller further called on the market men and women to report banks that were still loading the old naira notes on their Automatic Teller Machines as the Apex bank had provided enough to them.

He said the sensitisation was designed to enlighten them on the need to deposit the old notes before the deadline to avoid any loss.

The CBN boss advised Nigerians to ensure depositing their old Naira notes at their commercial banks, before the expiration of the January 31, 2023 deadline.

NAN/Confidence Okwuchi